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Interest on RBC loans while still in school?

Printed From: CanadaStudentDebt.ca
Category: Dealing with the Banks!
Forum Name: Royal Bank Frustration Stories
Forum Description: Tell us about the Royal Bank treatment
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=4711
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Topic: Interest on RBC loans while still in school?
Posted By: apollo13
Subject: Interest on RBC loans while still in school?
Date Posted: 02/February/2008 at 3:02am
Hi all,
I have two loans with RBC from my undergraduate degree.  I returned to school in 2003 for graduate studies and have been doing my PhD each year.  This year, when I visited an office set up at my campus by the National Student Loan Center to expedite student loan forms, I was told that I wouldn't have to notify my other loan holders that I was re-enrolling in school. The mere act of filling out this year's student loan forms would be sufficient.

This week I got a letter from the Royal Bank of Canada that my six-month grace period was was ending March 1st and that approximately $600 in interest had accrued in the interim.  My first payment was due March 1st. 

I got the necessary forms to the RBC to clarify my status, but I've been informed that they will tack the interest accrued on to the principal - they won't erase the interest even though I've been a student the entire time!

I've been advised I should write to the President of RBC, cc the Director-General of the CAnada Student Loan program.  Any other advice? Has this happened before?


Replies:
Posted By: administrator
Date Posted: 02/February/2008 at 9:46am
Either way, if they gave you wrong info, or didnt forward info to RBC, the outcome is the same.
I'm not aware of the NSLSC forwarding continuation of enrollment info to the banks. I could be incorrect.

And yes, its a VERY common occurance! This is why we want an ombudsman!

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Posted By: Kilske27
Date Posted: 20/November/2008 at 3:30am

While I'm disheartened to hear all of the RBC Student Loan Center horror stories I am glad to know that I am not the only one out there that has and is being treated like garbage by them. 

Thank goodness for on-line banking.  Had I not randomly checked on my RBC Student Loan I would never have noticed that I was being charged interest while still a full time student.  I contacted the Center expecting that I would advise them of my situation and that the charges would be reversed- not likely.  I am typically a very level headed individual but after my first phone call to them I was outraged.  I spoke with Rafina- the most unprofessional person I have EVER had to deal with and that speaks volumes about her attitude! I was informed that they did not recieve my confirmation of enrollment document for the Spring/Summer semester and that at that time the 6 month grace period had ended and the interest for the 6 months (plus additional 2 months that had lapsed before I noticed the problem) had been added to my loan balance.  The confirmation of enrollment for that semester (Spring/Summer), as with the 10 previous semesters, had been sent in through my RBC branch.  Either they didn't recieve it from the bank or they misplaced it.  What should have been done, as I suggested, was that they could have contacted the NSLSC to get a copy of the document that they recieved which would have dated when the RBC recieved it and should have sent it on- RBC branches do not keep copies of these documents but had renewed my student banking status at the time that this was signed.  Rafina, after having interrupted me a dozen times, raised her voice at me and called me a liar, said that it wasn't their job to do that and it wouldn't prove that they recieved the document anyway so I should contact the bank if I have further issues.  Of course this was unacceptable so I sent a letter to the Investigations Department regarding the interest and additional amount of $75.00 that was going to be charged to my loan for having my loan put back into non payment status- ridiculous.  I recieved one phone call after having faxed the letter in and then NOTHING!  I have called more than once and have not recieved a response.  All the information that I have is that no charges were reversed, as seen through my on-line account with RBC, and I am back into non payment status at my expense. 
 
I have no idea what can be done about this and the numerous other issues that have arose for others dealing with the RBC Student Loan Center but I am completely dissatisfied with the service and treatment that I have recieved from them up to this point.
 
Thanks for letting me vent.

Posted By: apollo13
Date Posted: 20/November/2008 at 8:54am
Actually, my experience was resolved satisfactorily when I contacted the RBC's ombudsman or perhaps the investigative office. If you have the documentation to prove you were a student the entire time, send it to them. 
It's also worth contacting the Director General of the Canada Student Loan Program.


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